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Sirius Petroleum PLC (SRSP)

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Tuesday 11 October, 2011

Sirius Petroleum PLC

Grant of Options

RNS Number : 9241P
Sirius Petroleum PLC
11 October 2011
 



11th October 2011

Sirius Petroleum plc

("Sirius" or "the Company")

Grant of Share Options and Warrants

Sirius (AIM:SRSP), the investing company focussed on oil and gas exploration and development opportunities in West Africa, announces that it has granted options over new ordinary shares to directors and employees, and granted warrants to key consultants.

 

Options                        Title                                         Number of shares        Exercise price

 per share

 

Ed Johnson                 CEO                                        15,000,000                  4 (four) pence

Ed Johnson                                                                 15,000,000                  5 (five) pence

Ed Johnson                                                                 15,000,000                  8 (eight) pence

Ed Johnson                                                                 15,000,000                  10 (ten) pence

Olukayode Kuti            Business Development          7,000,000                    5 (five) pence

Mike Hirschfield           CFO                                        5,000,000                    5 (five) pence

Jack Pryde                  Non-exec. Chairman               2,000,000                    5 (five) pence

Other employees                                                        3,000,000                    5 (five) pence

 

 

Warrants                      Number of shares        Exercise price per share

 

Chris Toumazou         5,000,000                   5 (five) pence

Other consultants       15,000,000                  5 (five) pence

 

 

The Company had agreed to grant the options to Mr Johnson on the completion of the recent subscription of new ordinary shares to raise £500,000 gross (the Subscription) and the 4p options were fixed at the price of the Placing with the 8p options representing twice this placing price.  At the time of the Placing it was not possible to grant the options because the Company was in a Close Period due to the ongoing negotiations in relation to a proposed transaction in respect of the Ororo Field in OML95, Nigeria.  Following the release of an announcement in relation to the Ororo Field yesterday the Company is now free to complete this commitment.

Professor Chris Toumazou FRS is the founding director and chief scientist at the Institute of Biomedical Engineering at Imperial College, London.  He has excellent contacts in the field of petroleum engineering with International Ivy League Universities.  The Company intends to use these contacts on a consultancy basis to assist in the evaluation of seismic and other data relating to the Ororo Field. The other warrants have been granted to incentivise consultants following Sirius entering into a Financial and Technical Services Agreement with Owena Oil and Gas Limited and Guarantee Petroleum Company Limited.

All options are to vest on the earlier of the first anniversary of the Date of Grant or a change of control of the Company or Reverse Takeover of the Company with a normal last date of exercise being ten years from the Date of Grant.

 

**Ends**

 

 

www.siriuspetroleum.com

 

Enquiries:

Sirius Petroleum plc   

Ed Johnson, CEO

Jamie Bligh, IR

 

+44 (0) 20 7451 9800

Strand Hanson Limited (Nominated Adviser and Broker)

James Harris / James Spinney

 

+44 (0) 20 7409 3494

Gable Communications

John Bick / Justine James

+44 (0) 20 7193 7463

+44 (0) 7872 061 007

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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